Jump to content

Union Square


Recommended Posts

I'm the one buying a place in Union Square. I had a meeting there with Brad last thursday that went pretty well. The building looks like it's coming along alright. They are starting from the 4th floor down with the renovations and right now they are working on 4 getting the units framed in.

Move-ins are supposed to happen March through June next year from the 4th floor down. Hopefully they stay on schedule.

There are at least one or two model units going in for the parade of downtown living so everyone will be able to see what they look like. The model that I saw looked nice, it was small but it was pretty well decked out so far.

Brad said they have around 180-190 reservations so far (I know that this number is correct because I know someone who has a res. in the 180's). He said they've seen about 10-15% fall out rate where people who had reservations didn't buy so the building should hopefully sell out right away.

I go to finalize my unit and sign a purchase agreement mid to late this week (the meeting last thursday was just to narrow down my choices). I'm very excited about the building. It looks like it will be great place to live. From what I've seen there will be almost too many options for everything from paint color to cabinets to fixtures. Floor plans to be complete by July 15 and then paint and other finishes have to be designed completely by Aug 1.

If you guys have any specific questions I will do my best to answer them. I'll give periodic updates and try to post some pics to show the building progress.

Link to comment
Share on other sites


  • Replies 1.9k
  • Created
  • Last Reply

I'm the one buying a place in Union Square.  I had a meeting there with Brad last thursday that went pretty well.  The building looks like it's coming along alright.  They are starting from the 4th floor down with the renovations and right now they are working on 4 getting the units framed in. 

Move-ins are supposed to happen March through June next year from the 4th floor down.  Hopefully they stay on schedule. 

There are at least one or two model units going in for the parade of downtown living so everyone will be able to see what they look like.  The model that I saw looked nice, it was small but it was pretty well decked out so far.

Brad said they have around 180-190 reservations so far (I know that this number is correct because I know someone who has a res. in the 180's).  He said they've seen about 10-15% fall out rate where people who had reservations didn't buy so the building should hopefully sell out right away.

I go to finalize my unit and sign a purchase agreement mid to late this week (the meeting last thursday was just to narrow down my choices).  I'm very excited about the building.  It looks like it will be great place to live.  From what I've seen there will be almost too many options for everything from paint color to cabinets to fixtures.  Floor plans to be complete by July 15 and then paint and other finishes have to be designed completely by Aug 1.

If you guys have any specific questions I will do my best to answer them.  I'll give periodic updates and try to post some pics to show the building progress.

<{POST_SNAPBACK}>

I'm curious about everything from price per square foot to how big you went to everything.. i think it's a great project and wish I could have gotten on board! :)

Link to comment
Share on other sites

Is it in fact too late to get in?

<{POST_SNAPBACK}>

From what I know there is 180-some on the wait list and far less condos available. I'm sure they'll take your $1000 deposit though. Give brad a call at 616-988-6466. He'll let ya know the dirty details.

Link to comment
Share on other sites

Yeah, I'm sure they'll take your money. During our meeting Brad mentioned wanting around 200 reservations. The problem with going in now is that you will have last pick of the units, if you get a choice at all. You're going to risk having that money sitting there doing nothing for you for a month.

As far as pricing goes, what I can tell you is that the prices are different for different units, obviously. They are priced per sq. foot but each level has a different price based on included ammenties (balconies, rooftop decks, greenspace etc.). Off hand I don't remember the exact numbers. Also association fees will be charged differently for different units. They will be $.20-.25 per sq.ft. but some units will be charged more due to bigger windows or extra grass to cut so for example if I don't have big windows or greenspace, less money will be allocated for upkeep to my unit so I won't have to incur those costs.

I still love that they are including parking and giving an option for an enclosed garage space. Parking shouldn't be a problem at all which is a rare to have in a downtown condo development.

Link to comment
Share on other sites

Parking shouldn't be a problem at all which is a rare to have in a downtown condo development.

<{POST_SNAPBACK}>

That site is blessed with an abundance of parking. At the Planning Commission meeting it was mentioned that even with the additional units, they have 114% of parking space required by code.

I love the project, even more so with the additional floors. They have a history of good condo development and I'm sure they'll do this one right.

Quote from a potential condo applicant at the Planning meeting: "Never in my lifetime did I think I would see developments this extraordinary coming to Grand Rapids."

Link to comment
Share on other sites

New to the forum and love it. You guys are awesome.

Went and put in my deposit today. Some questions though. Has anyone here had any previous dealings with the owner? My dad's dealt with him through his ownership of our marina and Ellenwood Landing in White Lake. His impression is that he was a "crook." Said he builds the condo's, sells them, then takes off. I guess Ellenwood Landing is having all sorts of problems now.

Do you think a condo in Union Square will significantly increase in value? I am optimistic and excited about all the development downtown. Many, however, are not so certain that the condo market will really boom. They look at downtown differently than I do ("no-one goes down there," etc.)

Love your expert opinions.

Link to comment
Share on other sites

New to the forum and love it.  You guys are awesome.

Went and put in my deposit today.  Some questions though.  Has anyone here had any previous dealings with the owner?  My dad's dealt with him through his ownership of our marina and Ellenwood Landing in White Lake.  His impression is that he was a "crook."  Said he builds the condo's, sells them, then takes off.  I guess Ellenwood Landing is having all sorts of problems now. 

Do you think a condo in Union Square will significantly increase in value?  I am optimistic and excited about all the development downtown.  Many, however, are not so certain that the condo market will really boom.  They look at downtown differently than I do ("no-one goes down there," etc.)

Love your expert opinions.

<{POST_SNAPBACK}>

I haven't heard much about Rooks. Talking with my current landlord, he didn't have much good to say about him but who knows? What's the situation there? Why are people mad?

As far as him selling the places and getting out quickly, I think that's what will happen in Union Square as well. The idea is, after a little time to give the building to the association who will then run it. If the association runs the building into problems I don't think it's really his duty to fix them, just like if the association does great he can't take all the credit.

I don't think that you'll lose any money by buying in the building. With all the tax credits associated with the project, very affordable pricing and included parking, it's hard to beat.

Link to comment
Share on other sites

His impression is that he was a "crook."  Said he builds the condo's, sells them, then takes off.

<{POST_SNAPBACK}>

I heard the exact same thing. It wasn't what stopped me from making a deposit, but it definately didn't help out. As far as property values go, it's hit or miss. The real draw to this place is the tax credits and when they are gone, there may be much less interest in the building. I would live there for a while, but perhaps try to get out before all the tax credits wear off.

Link to comment
Share on other sites

I heard the exact same thing.  It wasn't what stopped me from making a deposit, but it definately didn't help out.  As far as property values go, it's hit or miss.  The real draw to this place is the tax credits and when they are gone, there may be much less interest in the building.  I would live there for a while, but perhaps try to get out before all the tax credits wear off.

<{POST_SNAPBACK}>

Most developers do not have the intention of staying around after all of the units sell and be a "landlord". That is what an association is for. Get your hands on a copy of the condo bylaws, take it to a real estate attorney for a couple hundred bucks, and let him/her tell you if the condo association is set up effectively and what to watch out for. If the units are deemed a condominium or site condominium, you also have 9 days right of rescission from when you sign the purchase agreement in the State of Michigan to get out.

Also, if you are thinking of dumping just before the tax credits expire, you are going to get burned because many people will do that at the same time, and there will be a temporary sell off period. Either plan on owning for a while, or plan on selling years before they expire. Other than that, I think the place is a great investment (I haven't seen the paperwork) :)

Just my two cents.

Link to comment
Share on other sites

Welcome Eagle.

One thing you have to remember is that a develop builds the condos, sells them and moves on (sometimes being retained as the property manager). It is up to the condo association to make sure everything runs smoothly. That is not really the developers problem or else I doubt many developers would work a project where they had a lifetime of liability. :)

I think Union Square will definitely increase in value. I think it is a solid investment. I have heard that City View Condo's (also a Rook's) property have already appreciated in value by over 25%. Not bad. Now they are in the core city, but I think Union Square is a good bet.

Joe

New to the forum and love it.  You guys are awesome.

Went and put in my deposit today.  Some questions though.  Has anyone here had any previous dealings with the owner?  My dad's dealt with him through his ownership of our marina and Ellenwood Landing in White Lake.  His impression is that he was a "crook."  Said he builds the condo's, sells them, then takes off.  I guess Ellenwood Landing is having all sorts of problems now. 

Do you think a condo in Union Square will significantly increase in value?  I am optimistic and excited about all the development downtown.  Many, however, are not so certain that the condo market will really boom.  They look at downtown differently than I do ("no-one goes down there," etc.)

Love your expert opinions.

<{POST_SNAPBACK}>

Link to comment
Share on other sites

If the units are deemed a condominium or site condominium, you also have 9 days right of rescission from when you sign the purchase agreement in the State of Michigan to get out.

<{POST_SNAPBACK}>

This is exactly how it is. It will take 9 days after signing for the purchase agreement to become binding. I'm currenly looking for a lawyer to look over my docs if anyone has a suggestion.

Link to comment
Share on other sites

You said you were #129 or so on the list...when you met with one of the developers to pick out your condo, what was the selection like? Did you feel like you had a decent # of units (price ranges/size) to choose from? If you had to ball park it, how many condos were sold by the time you choose to buy yours? Just curious to know a little more about the status of the condos left for the people who have reservations above 150. Also, someone mentioned that the current fallout has been around 10-15%, I'm just wondering if that % will continue to grow as the reservations #'s get higher, i.e. people will drop out because there will be nothing left in their price range/desired unit amenities.

Link to comment
Share on other sites

SqFace:

Surely you're not as high as I am!

I'm ambivalent. I've been considering helping out my mother and going in on a 2-bedroom with her, but I'm not sure she would be comfortable in an urban environment.

And I do like where I am now (People's Building) except for a couple of glitches (see the Monroe Center Progress forum for details).

So, I'm shooting for either a 2-bedroom, a one-bedroom, or a condo/loft in downtown historic Savannah (three years from now). :)

And you? What are you hoping for?

Budgie

Link to comment
Share on other sites

SqFace:

Here's a kicker for you: if you get a loft, the price reflects an unfinished loft. That is, you will have stairs and a roughed-in floor.

Figure on at least $10K more to finish it off. Then add in another $10K if you want a garage.

Condo dues will probably be at least .25/sq. ft. For example, Unit #101 at 1152 sq. ft. (not a loft) is $198.9K (i.e., $200K). I don't know how much you'll have as a downpayment, so I won't guess at the condo payment. But the dues will be $288/mo. And that's if it covers everything. At Cityview, we started out at .20/sq. ft. and this got raised up to .25/sq. ft. about 7 months into living here.

Still, for all the calculation flaws, those units will be awesome. I'm really torn. They say it's a short walk to downtown, but it's an awkward walk.

Nothing in this life is perfect.

Don't fret. It won't do any good, and you may be pleasantly surprised to find that there is a unit that is just what you want. I can say this: not having to pay state, city, or property taxes (at least very little anyway), has made my condo payment very doable.

Budgie

Link to comment
Share on other sites

You said you were #129 or so on the list...when you met with one of the developers to pick out your condo, what was the selection like?  Did you feel like you had a decent # of units (price ranges/size) to choose from?  If you had to ball park it, how many condos were sold by the time you choose to buy yours?  Just curious to know a little more about the status of the condos left for the people who have reservations above 150.  Also, someone mentioned that the current fallout has been around 10-15%, I'm just wondering if that % will continue to grow as the reservations #'s get higher, i.e. people will drop out because there will be nothing left in their price range/desired unit amenities.

<{POST_SNAPBACK}>

I thought the selection was great when I chose my unit. I took a few walks around the building and talked with Brad and when it came down to it, my first 2 choices were still available and I had a hard time deciding. I ended up going with a 1bed 1bath on the first floor. My other choice was a unit on the 3rd floor but the greenspace and private entrance won out. The only problem is no original wood floors on the 1st level so I'm going to have to add it.

Link to comment
Share on other sites

The proposed greenways and rain garden for Turner Avenue, that is mentioned in Union Square's literature, received funding from the State's "Cool Cities" Program today:

http://www.coolcities.com/cm/attach/C8385D...ees20050627.pdf

Scroll to page 4.

I finally got a chance to go in and tour this project with Brad. By far one of the best condo renovation projects I have ever seen. The inner courtyards with proposed private rooftop patios in many of the units are one of a kind. And the sales office in the old school main office with the old school mailboxes was great! Too bad there are 200 people on the reservation list and only 161 units :( He said that about 8% of the units are being purchased for investment to rent out (which I would like to do), and that the condo owner receives 3 levels of tax credits, and the renter receives exemption from State and local income taxes. Basically a no-brainer investment.

The only thing that was curious to me is that there was no construction going on, which was strange for a weekday morning. At least not on the floors we were on.

Edit: I should say, the place looks like it is undergoing heavy reconstruction, just not on the morning I was there ;)

Link to comment
Share on other sites

i sold off my #65 reservation

unit selection was great, me and friend just bought a building in the heartside area to fix up and do what we wanted. the asso. dues got my shacky and i have done a few projects with rooks. hes ok. and richard craig is the architect in charge, hes awesome. i have had the privilage to work with him also in the past. i hear the drop rate was pretty high, i am sure it wont be full by the june move in date....

Link to comment
Share on other sites

i sold off my #65 reservation

unit selection was great, me and friend just bought a building in the heartside area to fix up and do what we wanted. the asso. dues got my shacky and i have done a few projects with rooks. hes ok. and richard craig is the architect in charge, hes awesome. i have had the privilage to work with him also in the past. i hear the drop rate was pretty high, i am sure it wont be full by the june move in date....

<{POST_SNAPBACK}>

When did you sell your #65? Does anyone know what the current number is?

Budgie

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By using this site you agree to our Terms of Use and Privacy Policy. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.